This is set in an alternate timeline that is not connected to the canon, and has not had any major events in recent times. However, the time period is roughly equivalent to the time inbetween the Force Era and OcarinaOfTime◊
. The Hyrule Unification War has not occurred in this timeline, so the races are somewhat isolated from each other, outside of Castle Town.
As for info on the races, here is info on the Gorons
(note that in this game, female Gorons DO exist), Zoras
(We'll be using the appearance from Ocarina of Time
and Majora's Mask
(They will, of course, be more numerous then they are in the video games), and Deku
(The Deku of this game will physically be closer to Deku Link then the classic Deku Scrub, and will have a culture based on the Terminean version of the Deku. They will reside in the Lost Woods, however).
I just realized, I haven't given any info about the leaders of Hyrule. I'll be sure to post that soon.